UPDATE 1-Dana rebuts KNOC bid, says worth much more
* Rejects 1.67 bln pound bid from Korea National Oil Corp
* Dana buys North Sea assets from Suncor for 240 mln pounds
(Adds details, purchase of assets from Suncor)
LONDON, Sept 8 (Reuters) - Dana Petroleum DNX.L rejected a hostile 1.67 billion pound ($2.57 billion) bid from Korea National Oil Corp [KOILC.UL] on Wednesday, citing an independent valuation that said the UK explorer was worth considerably more.
Dana also unveiled the acquisition of North Sea assets from Canada's Suncor (SU.TO) for 240 million pounds, saying this also supported the case for KNOC raising its bid, as the independent experts said the assets are really worth 368 million. Last month KNOC made its 1,800 pence bid direct to Dana's shareholders after failing to convince Dana management to recommend its bid. [ID:nTOE67J00I}
Dana said indepndent experts it hired to value the company said it was worth from 2,120 pence to 2,465 pence, based on existing assets and over 3,000 pence if one assumed success in its exploration plans. (Reporting by Tom Bergin; Editing by Hans Peters) ($1=.6507 Pound)
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http://www.reuters.com/article/idUSTRE67J04P20100820
Speaking from Mallorca Spain Multi Millionaire Trader Vince Stanzione was taking profits on his Dana Petroleum Plc (DNX.L) holdings. “£1800 is a very fair price and is what we have been holding out for and I do not see a higher bid”. “shareholders should be happy to sell today and move on”
Vince Stanzione is a self made multi-millionaire based in Europe. Started at a junior at the age of 16 for Nat West Foreign Exchange in London he worked his way up in before leaving to start up his company. He has been involved in various companies including mobile communications, premium rate telephony, Interactive gaming, publishing and television and financial trading. He now lives most of the year between Spain and Monaco and trades his own funds mainly in currencies and commodities. As well as trading he also teaches a small number of students and produced the best selling course on Financial Spread Betting. He is also the author of “How to Stop Existing & Start Living” To find out more go to http://www.thespreadtrader.com
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